Today’s commercial real estate leasing market is very competitive – with some owners struggling to find tenants, while other tenants struggle to find suitable office space. Commercial property leasing is very different than residential; terms tend to be complex and negotiations tricky. There are brokers who specialize in commercial leasing who must be creative when handling these types of deals. They are experienced in tenant representation and can help a business successfully lease the space they need.
Tenants and Landlords
Following are descriptions of both tenants and landlords in a commercial property situation:
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Tenants – In a commercial real estate transaction, those people or companies who contract to lease a building or parts of a building for use as outlined in the lease agreement are known as tenants. Typically, tenants want the most office space for the least amount of money and the most agreeable lease terms. This is exactly opposite of what a landlord wants.
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Landlords – Landlords want to conclude an office lease for the most money possible, the longest length of time, and with the fewest conditions within the lease contract.
By meeting somewhere in the middle, landlords are can fill empty office space and tenants find commercial office space to lease. Of course, reaching agreeable terms can be a difficult task.
Tenant Representation
Following are the basic roles that commercial real estate and tenant representatives play:
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Commercial Real Estate Brokers – These professionals provide many services to landlords – advertising properties for lease, screening incoming inquiries, showing various locations, and negotiating on behalf of the landlord. Their sole responsibility is to the landlord and not to the business that may be unfamiliar with current real estate trends, negotiation policies, and other aspects related to searching for office space.
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Tenant Representatives – These experts are an important part of commercial leasing for tenants. With the introduction of these services, companies can streamline the process of finding and leasing necessary office space with the assistance of tenant representation. These commercial real estate professionals have the best interests of the tenants in mind – not those of the landlord.
Tenant Representation to the Rescue
Possibly the greatest service a tenant representative can offer to a company looking for a commercial office lease is a fair chance to lease the same property as any other company. Tenant reps have access to the same listings as brokers who work for landlords. While landlords can lease to whomever they want, brokers often pre-screen candidates and may not show every available property to every interested person or company. Tenant representation provides an expert in this field who can examine lease documents, look for any loopholes or other questionable conditions, and negotiate better terms for clients. Essentially, companies looking for office space to lease are better protected from being treated unfairly throughout the negotiation process
Finding good tenant representation is as easy as calling a local, recommended commercial brokerage firm that offers such services. These firms are prepared to stand in the gap for clients and ensure that their interests are protected when searching for commercial office space to lease!
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